Summary of Statement No. 126

This Statement amends FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments, to make the disclosures about fair value of financial instruments prescribed in Statement 107 optional for entities that meet all of the following criteria:

The entity is a nonpublic entity.

The entity's total assets are less than $100 million on the date of the financial statements.

The entity has not held or issued any derivative financial instruments, as defined in FASB Statement No. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments, other than loan commitments, during the reporting period.

This Statement shall be effective for fiscal years ending after December 15, 1996. Earlier application is permitted in financial statements that have not been issued previously.